The decline was primarily driven by lower revenue and weaker margins.
The subdued performance was primarily due to lower MDF volumes and a drop in realizations, impacting revenue and profitability. Segment-wise, MDF (Medium-Density Fibreboard) sales dropped 15.3% YoY to Rs 305.17 crore, while plywood sales declined 5.3% YoY to Rs 33.77 crore. MDF sales volumes fell 19.9% and plywood volumes declined 12% during the quarter.
Despite weaker volumes, the EBITDA margin improved to 15.9% in Q4 FY25 from 14% in Q4 FY24, supported by government grants under the EPCG scheme and lower provisions for turnover discounts.
Profit before tax (PBT) declined 26.22% YoY to Rs 29.71 crore, compared to Rs 40.27 crore in the same quarter last year.
As of 31 March 2025, net debt stood at Rs 165 crore, which includes Rs 336 crore earmarked for ongoing expansion projects. Working capital investment increased by 8 days YoY to 36 days.
Managing director & CEO, Greenpanel Industries, said, “MDF domestic volumes in Q4 fell by 25% y-o-y. MDF EBITDA margins for Q4 at 16.3% were higher due to government grants under the EPCG scheme. We maintained working capital discipline in a challenging quarter with net working capital at 36 and debtors at 11 days of turnover
MDF domestic sales volumes for Q4 fell by 25% YoY. MDF EBITDA margins for Q4 at 16.3% were higher due to government grants under the EPCG scheme. Plywood volumes for Q4 were lower by 12.1% y-o-y. Ebitda Margin were higher due to lower provision for turnover discounts at the year-end since many dealers could not achieve volume targets
Widening distribution reach, increasing domestic volumes and proportionon of value-added products, increasing the Greenpanel brand value, and increasing plantations will be our major focus areas in future quarters.”
On a full-year basis, the company's net profit declined 46.68% to Rs 72.11 crore on an 8.38% rise in revenue to Rs 1,435.77 crore in FY25 over FY24.
Greenpanel Industries is India's largest manufacturer of wood panels. Its manufacturing plants in Uttarakhand and Andhra Pradesh make medium-density fiberboard (MDF), plywood, veneers, flooring, and doors.
Shares of Greenpanel Industries rose 2.59% to Rs 259.20 on the BSE.